And Lehman Brothers tries again.
The beleaguered investment bank announced its second-quarter earnings Monday in a release that was nearly identical to the one it rushed out a week ago.
The bank stunned Wall Street last week with news that it had lost $2.8 billion in the second quarter and would raise $6 billion from investors. That loss was in large part caused by $4.1 billion in write-downs of the bank’s mortgage investments. News of the loss sent Lehman’s share price falling, and by Wednesday night, the bank’s president, Joseph M. Gregory, and chief financial officer, Erin Callan, had resigned. Several analysts downgraded the bank’s stock, and Mr. Fuld wrote in an internal memo to employees that “our credibility has eroded.”
Photo by the World Resources Institute Staff from Flickr
Business Insider Emails & Alerts
Site highlights each day to your inbox.